Jul 9, 2010

Indopoly & Evergreen gain on IPO debut

PT Indopoly Swakarsa Industry Tbk (IPOL) and PT Evergreen Invesco Tbk (GREN) have gained 19.05% and 59.05% respectively during its trading debut this morning at Indonesia Stock Exchange (IDX).
Indopoly stocks price has reached Rp250 per share, while Evergreen has surpassed Rp167 per share.
Biaxially-oriented polypropylene (BOPP) maker Indopoly has set the IPO price at Rp210 per share, the lowest level of the price offer.
According to the IPO prospectus, the company will offload 2.30 billion shares or 35.17% stakes into the primary market.
Considering the IPO price, Indopoly Swaskarsa, owned by Salim Group, will bag Rp483 billion of cash.
During the last public expose and due diligence meeting early June, Indopoly and its single underwriter PT OSK Nusadana Securities Indonesia, offered the shares at the price range of Rp210-Rp315 per share.
Evergreen, distributor of natural cotton and synthetic cotton, today lists 2 billion of common stocks of 43.4% stakes during the initial public offering (IPO) at Rp105 per share, enabling it to grab Rp210 billion of cash.
Evergreen also aims to provide 900 million of series I warrants during the IPO with the ratio of 20:9 as incentive to public investors. Evergreen Invesco has mandated single local underwriter of PT Andalan Artha Advisindo Sekuritas for the IPO.
Evergreen plans to use Rp70 billion from the IPO proceed to pay debt to Penzoil Enterprises Ltd, a company which has special relationship with Evergreen. Evergreen will use Rp10 billion of the proceed as working capital, Rp120 billion as capital injection into subsidiary PT Tristate Indonesia.

Disclosure: No position at the stock mentioned at the story above.


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